The New Development of Glasses Industry in Southeast Asia

Chasing the trend and pursuing quality and affordability are the eternal topics for female consumers, and this is also true in Southeast Asia. Opening shopping websites or entering shopping malls, fashion basic accessories are crazily sought after by female consumers due to their advantages of light weight, low unit price, and high repurchase rate.

Data shows that the glasses industry in Southeast Asia is in a period of growth. The glasses market is expected to grow at a compound annual growth rate of 7.98% between 2021 and 2025. In 2021, the revenue of the Southeast Asian glasses market was 2.96 billion US dollars, with Singapore being the most promising growth among them.

It is estimated that by 2020, 95 million people in Southeast Asia will have Visual impairment and 600 will be blind (data from VLEG/GBD). Especially in Singapore, the myopia rate is the highest in the world. Singapore is often referred to as the "capital of myopia in the world", and it is expected that by 2050, 80% to 90% of all Singaporean adults aged 18 and above will be nearsighted.

Therefore, in Singapore, there is a consensus on myopia and timely treatment. In addition, the efforts of the Singapore government to deal with the rise of Visual impairment are commendable. The Singapore Council for the Promotion of Health has been implementing the National Myopia Prevention Program since 2001, which conducts annual vision screening in preschool, primary, and secondary schools.

Similarly, Singapore has made a lot of efforts in research. The Singapore Eye Institute (SERI) has been conducting research on myopia since 1996, and has successfully developed a program to use low-dose Atropine eye drops to delay myopia in children over six years old.

In 2018, SERI and the Myopia Center of the Singapore National Ophthalmology Center collaborated with Johnson&Johnson Vision to better understand the causes of myopia and develop prevention and treatment methods. This cooperation has been a complete success.

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In addition to functional glasses, accessory glasses such as SUNGLASSES are also gradually expanding in the Southeast Asian market. According to the data from Lazada platform, the category of glasses has a good growth trend. GMV in 2021 will increase five times compared with that in 2020. According to incomplete statistics, the Gross profit of this category can reach 30%. For user preferences, the Singapore market preferences are: business, exquisite; Malaysian preferences: fun, Korean style; The Vietnamese market prefers fashion and simplicity; The Philippine market tends to favor light luxury, niche, etc.

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